What you need to know all in one place

What it all means…

Glossary of Terms


  • Claim – Claim is a suit or proceedings served upon or issued against the Insured or oral or written allegation communicated to the Insured.            

  • Claims-Made PolicyA policy that covers claims that are made against an insured and reported to the insurer during the policy period for coverage to apply subject to the retroactive date.

  • CancellationThe provision contained in the Policy that may allow the insured to cancel.  Please refer to your policy terms and conditions. This may be on a short rate, pro rata or non refundable basis.

  • Contractual CoverA policy that contains the terms, conditions, exclusions, limits of liability and premium.

  • Discretionary CoverCover that does not necessarily have terms and conditions and cover will be granted by a committee.

  • Good Samaritan ActTreatment administered at the scene of a medical emergency, accident or disaster by an Insured when present either by chance or in response to an emergency call following an accident or a disaster.

  • InsurerAn insurance carrier that is rated and licensed and authorised to do business.

  • Insuring ClauseThe portion of the insurance policy in which the insurer promises to make payment to or on behalf of the Insured. The insuring agreement is normally contained  in a coverage form from which a policy is constructed. Often, insuring agreements outline a broad scope of coverages, which is then narrowed by definitions and exclusions.

  • Limit of LiabilityAn insurance contract provision limiting the maximum liability of the insurer in a given time period – if limited to 12 months it is normally described  as the annual aggregate.

  • Law and JurisdictionThis limits which law will govern the policy and is normally stated in the Schedule of the policy.

  • Medical IndemnityA term used that outlines the type of professional coverage afforded within the Insuring Clause. It covers the Insured’s liability for death, bodily injury, mental injury, illness or disease of or to any patient of the Insured caused by any act, error or omission committed by the Insured which is or is alleged to be negligent and which arises from the provision of Professional Services.

  • MutualNot an insurance carrier therefore not financial rated nor is it governed by the FCA

  • Occurrence Policy A policy that covers an event from the moment treatment occurs, regardless of when an eventual claim is made.

  • PolicyThe contract between an insurer and its insured. The policy defines what the company agrees to cover for what period of time and describes the obligations and responsibilities of the insured.

  • Policy PeriodThis limits the timeframe of the Policy and is found on the Schedule. Typically this is 12 months.

  • PremiumThe amount of money the insured pays for the policy.

  • Professional Services The definition within the policy, that reflects the bona fide practice declared by the insured in the proposal for insurance.

  • ScheduleThe front page of a policy, that specifies the name of the insured, business, policy period, policy limit of liability and other key information that varies from insured to insured.

  • Territorial LimitsThis will limit the cover as to where the insured can work in the world and is normally specified in the Schedule of the Policy.